Q3 2014 Gold Demand Lowest in Nearly Five Years

Bloomberg reported that during the third quarter of 2014, gold demand fell to its lowest level in almost five years.

As quoted in the market news:

Global demand declined 2.5 percent from a year earlier to 929.3 metric tons, the lowest since the last quarter of 2009, the London-based council said today in a report. While global jewelry consumption slipped 4 percent, demand for the items climbed 60 percent in India, helping keep the nation above China as the biggest user on a quarterly basis.

Last quarter’s Indian demand rose from a year earlier when the government imposed import restrictions to curb a current account deficit while Chinese consumption was ‘exceptional’ last year as lower prices attracted buying. The metal slumped 28 percent in 2013 and reached a four-year low this month as a stronger dollar and expectations that an improving U.S. economy will warrant higher interest rates cut demand for bullion.

Click here to read the full Bloomberg report.